Palmetto’s Community Redevelopment Agency is acquiring property near Sutton Park that Director Jeff Burton said is ideal for a new mixed use development that would potentially launch the CRA into a role of landlord.
Palmetto officials on Monday authorized the CRA to purchase two parcels on the corner of 10th Avenue West and Eighth Street West that include one house and a city-owned parking lot for $148,000. The home and the parking lot will be demolished to make way for a two-story mixed use project with commercial on the ground floor and housing on the upper floor.
CRA intern Nicole Tremblay conducted a financial feasibility study of the proposed project.
“We are looking at 18 housing units with six units of commercial that could either be a restaurant or retail space,” Tremblay said. “It depends on the interest we get, but for the housing we will try to get some Florida Housing Finance Corporation development and technical grants. If we do, then that would mean 20 percent of the units would be classified as affordable housing.